This week Nifty spot went up 180 points over last weeks close and finally ended the week with a gain of 145 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9559 to confirm uptrend and Nifty spot needed to break and sustain below 9483 to confirm downtrend for the week. Nifty made a high of 9700.70 and a low of 9543.55 for the week .
This week Nifty triggered our long trade and completed all our weekly long targets giving around 135 points from the trade . In the previous week had mentioned that " Now holding 9440 we can expect Nifty retesting 9560 levels initially and sustaining above 9560 we can expect a test of 9600 next .Similarly breaking and sustaining below 9480 we can expect at test of 9440 levels initially . We can expect a bigger move once Nifty breaks and sustains / closes beyond the range of 9440 - 9600 spot " , and we a 100 point move on Nifty sustaining closing above 9600 . Now in the coming sessions Nifty needs to break and sustain above 9710 to test 9750 - 9770 initially and above it we can see a test of 9830 - 9850 . Breaking and sustaining below 9625 can see a test of 9580 - 9570 and below it we can see a test of 9510 - 9490 . Those who are long should move up their cbsl to 9625 spot now .
In the coming week Nifty spot needs to break and sustain above 9710 to confirm uptrend and then one can expect a move till 9751 initially and breaking and sustaining above 9762 will give further confirmation for the next move which can take us up till 9840 . Similarly Nifty spot needs to break and sustain below 9625 to confirm downtrend and then one can expect a move till 9580 initially and breaking and sustaining below 9569 will give further confirmation for the next move which can take us down till 9490.
Nifty Spot Levels for the week are
Long above 9691 , Tgt 9710 - 9720 - 9733
IF Nifty spot manages to get a close / sustain above 9751 then ,
long again for 9762 - 9800 - 9840
Short below 9640 , Tgt 9625 - 9611 - 9599
IF Nifty spot manages to get a close / sustain below 9580 then,
short again for 9569 - 9532 - 9490
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.